Form of compensation payment if land taken

Form of compensation payment if land taken

329 (1) If the Commission makes an award of compensation in favour of a person whose lands are taken by a company, the Commission must, by order, direct, at the option of that person, that the compensation or any part of it be made by one lump sum payment or by periodic payments of equal or different amounts over a specified period of time. (2) If the Commission makes an award of compensation in favour of any person other than a person referred to in subsection (1), the Commission may, by order, direct, at the request of that person, that the compensation or any part of it be made by periodic payments of equal or different amounts over a specified period of time and that there be a periodic review of the compensation or part of the compensation. (3) Every award of compensation made by the Commission in respect of lands acquired or leased by a company must include provision for those matters referred to in paragraphs 321(2)(b) to (h) that would be required to be included in a land acquisition or lease agreement referred to in section 321. (4) The Commission may, by order, direct a company to pay interest on the amount of any compensation awarded by the Commission at the lowest rate of interest quoted by banks to the most credit-worthy borrowers for prime business loans, as determined and published by the Bank of Canada for the month in which, as the case may be, (a) the company entered the lands in respect of which the compensation is awarded; or (b) the damages suffered as a result of the operations of the company first occurred. (5) Interest may be awarded under subsection (4) from the date the event referred to in paragraph (4)(a) or (b), as the case may be, occurred or from any later date that the Commission may specify in its award.